Fed reveals instant payment plans

Mobile payments

The Federal Reserve has announced the core features of its new instant payment infrastructure, which is set to launch in 2023 and 2024.

The FedNow system is an around-the-clock instant settlement platform for retail payments. It is the Fed’s first attempt to build a new payment infrastructure in 46 years, when it launched the Automated Clearing House.

The Fed said it will start engaging with stakeholders later this year over an initial pilot for the system, which would likely begin some time

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